Tax Saving Tips

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By Jason Alderman Grandparents are notorious for spoiling their grandkids, but sometimes a more strategic approach to giving money can provide grandchildren a much better financial start. A 2012 MetLife Mature Market Institute study reported that 62 percent of grandparents provided financial support or monetary gifts for their grandchildren. In light of the recent economic downturn, some have indicated increased pressure to help out, says the study. If youâ€™re seeking …Read More

By Jason Alderman Last year the IRS doled out over 110 million income tax refunds averaging $2,803. Another way to look at it is that collectively, Americans overpaid their taxes by nearly $310 billion in 2012. Part of that is understandable: If you donâ€™t have enough tax withheld throughout the year through payroll deductions or quarterly estimated tax payments, youâ€™ll be hit with an underpayment penalty come April 15. But …Read More

By Mark Foster As the tax season rolls around there are some important things to keep in mind. Last yearâ€™s average federal tax refund was approximately $3,000. Thatâ€™s a lot of money, so itâ€™s important to have a game plan for what to do with it. Itâ€™s all too easy to spend a refund on various fun things or odds and ends, so it is wise to have a plan …Read More

By Gail Cunningham It’s always good to have options. It’s even better to choose the right option, particularly when it involves paying your federal income tax obligation. With April 15th fast approaching, many are discovering that they have a tax liability they are not prepared to pay. Consumers who find themselves in this predicament do have some options, but it is critical to select the payment plan that is right …Read More

Â By Mark Foster Itâ€™s tax time once again. Last yearâ€™s average tax refund was around $3,000. Many people quickly spend their refund on various things so it is wise to have a plan for prioritizing where your money will go. You might want to focus on knocking down some debt and building up your savings. Having some fun with your money is okay too, but itâ€™s easy to get overly …Read More

By Jason Alderman Weâ€™ve all suffered buyerâ€™s remorse â€“ say you buy something you really canâ€™t afford or the itemâ€™s sudden drop in value make it seem, in retrospect, a poor investment. Thatâ€™s what has happened to some people whoâ€™ve taken advantage of IRS rules that allow them to convert a regular IRA or 401(k) into a Roth IRA, only to discover later it may not have been the right …Read More

By Jason Alderman Reaching your 70th birthday is a momentous cause for celebration. But thanks to a quirk in our tax code, a potentially more important milestone arrives six months later. Thatâ€™s because IRS rules say that, with a few exceptions, you must begin taking required minimum distributions (RMDs) from any IRAs, 401(k) plans and other tax-deferred retirement accounts you own beginning in the year you reach age 70 Â½Â …Read More

By Jason Alderman Each year, roughly one-third of American households itemize deductions on their federal income taxes. If you’re among that group, there are several important actions you need to take by year’s end in order to take full advantage of available deductions. For example, by December 31, 2011, you must pay for any uninsured medical expenses, state and local income and property taxes, and unreimbursed employee expenses you want …Read More

By Jason Alderman Senior Director, Global Financial Education, Visa, Inc. If you havenâ€™t already jumped on the home energy-efficiency bandwagon, the good news is that several federal energy tax credits originally slated to end in 2010 were extended through December 31, 2011; but the not-so-good news is that these credits are worth significantly less and are more restrictive than before. All is not lost, however, since several additional credits (outlined …Read More